NMB Bank Limited v Capsopoulos and Another (505/2016)
NMB Bank Limited v Capsopoulos and Another (505/2016) [2017] ZASCA 94; [2017] 3 All SA 765 (SCA) (15 June 2017)
The Supreme Court of Appeal found that the respondents, experienced businesspeople, were fully aware of Zimbabwe's strict foreign exchange controls and the unlawfulness of the scheme by which they received US dollars from the appellant bank. The respondents' use of coded language and their knowledge of the fraudulent documentation supporting the payments demonstrated complicity in the fraud. The payments were made pursuant to a scheme that misrepresented the nature of transactions to the bank, inducing it to part with scarce foreign currency. The respondents personally benefited from the frau…
Source excerpt
- Exchange Control
- Fraudulent Misrepresentation
- Unjust Enrichment
- Foreign Currency Regulation
- Joint And Several Liability
- Prescribed Interest